One of the most important things for any Filipino in this day and age is financial mobility. And the first thing we need to do to achieve this ‘mobility’ is to open a bank. However, not all Filipinos can easily do so – all because of the tedious requirements, from applying for a government ID to securing other supporting documents. But all that will no longer be an issue because of the Landbank PISO account or Landbank Perang Inimpok Savings Option (PISO) account, which makes opening a bank account much simpler, faster, and convenient for all.
Also Read: How to Apply Landbank Loan for OFWs
Landbank has always been at the forefront of lending its services to Filipinos, especially the masses, including those who have the least capabilities to support themselves. If you are interested to know about the Landbank’s PISO account, make sure to read the rest of this guide.
What is a Landbank PISO Account?
The Land Bank of the Philippines launched a new product to help address the financial needs of unbanked and underserved Filipinos. Through this product, the bank aims to bring more people into the formal banking system.
In order to attract more depositors, Landbank has introduced a savings option known as the Perang Inimpok Savings Option (PISO). It allows customers to deposit with only a minimum initial deposit of P1.00 and up to P50,000 in their account.
The PISO offers a wide range of features that are similar to those of regular savings accounts. It allows depositors to earn interest on their savings, earn rewards and enjoy flexible withdrawal options. The account can also be used for remittances, payroll, and bill payments, as well as for other transactions such as purchasing goods and services from partner merchants.
Features
- Type of Account: ATM Savings Account
- Minimum Initial Deposit: P1.00
- Minimum Maintaining Balance: None
- Minimum Balance to Earn Interest: P2,000
- Interest Rate per Annum: Prevailing Regular Savings Interest Rate
- Maximum Outstanding Balance: P50,000
- Monthly Aggregate Credit/Deposit Limit: P50,000
- Service Fee for Falling Below Minimum Average Daily Balance (ADB): Waived
- Dormancy Fee: Waived
- Auto Closure: With a balance of P1.00 below and without financial transaction for 180 days
- Documentation: LANDBANK ATM Card
- Card Validity Period: 10 years
Other Features
- A PISO Account will only earn interest with a minimum maintaining balance of P2,000.
- This bank account can be used in the following:
- Landbank and BancNet ATMs
- Digital Banking Channels (Mobile Banking App, iAccess, and Link.BizPortal
- LANDBANK Cash Deposit Machines
- Point-of-sale transactions in local establishments
- Over-the-Counter (OTC) via Branch of Account/Servicing Branch
- Limits per Transaction Type:
- Daily debit across all channels: P10,000
- Monthly debit transaction across all channels: P50,000
- Daily OTC Withdrawal via Branch of Account: P10,000
- With auto “Hold all Fund” feature for an account with a balance of more than P50,000. To be able to use the account, the account holder must visit the Landbank branch of account to convert the PISO account to a regular savings account to access the account once again.
- All other existing features and applicable fees and charges of the ATM Regular Card / Savings Account shall be applied.
Qualifications
Landbank PISO Savings Account is a savings account that allows you to save and earn interest on your money. The Landbank PISO Savings Account is available to everyone, regardless of income status or social background. If you think you are eligible to open this account, then read on and find out how to open a Landbank PISO Savings Account.
Who are eligible to open this account:
- All Individuals without existing LANDBANK deposit account, including:
- Students;
- Public utility vehicles drivers;
- Sidewalk vendors;
- Farmers;
- Fishermen;
- Household helpers (“kasambahay”); and
- Other members of the society without access to financial literacy trainings/seminars.
Requirements
The only requirement to open this type of account is one (1) valid ID or a Barangay Certificate. That’s all you need to get started! So, if you’re ready to open a LANDBANK PISO savings account, follow the steps below.
Procedure/s
Individuals who are interested in opening a LANDBANK PISO account may do so by:
- Filling out the online application form here: https://dobs.landbank.com/DOBS/home/personal/piso; and then
- Visiting one of the bank’s branches with the above-mentioned requirements.
Benefits of Having a LANDBANK PISO Account
Earns interest
The interest you earn from your LANDBANK Piso account depends on the amount of money in your account. For example, if you have a minimum deposit of Php10,000, you will earn 0.20% interest per annum. This means that if you have Php10,000 in your account, then it will earn 20 pesos per year.
Funds can be withdrawn anytime
You can deposit money in your LANDBANK Piso account anytime and withdraw the amount whenever you want. This is unlike savings accounts, which usually require you to maintain a minimum balance before withdrawing funds from them.
Available to all
The LandBank Piso account is available to everyone. You don’t have to be a LANDBANK customer to open an account, and you can also withdraw money using any ATM that has the Landbank logo on it.
Open to all nationalities
The LandBank Piso account is available to everyone. You don’t have to be a LANDBANK customer to open an account, and you can also withdraw money using any ATM that has the Landbank logo on it.
Widely accessible
The LandBank Piso account can be opened in any LandBank branch. You don’t have to travel far to open an account, as there are many LandBank branches around the country.
Can be used for online transactions such as BIR payments, Social Security System (SSS) Loan Repayments, GSIS Member Loan Repayments, Pag-IBIG Contributions payments, Philhealth contributions and other bills payments.
You can also use the LandBank Piso account to pay for your bills, as it has an extensive list of billers that accept this payment method. You can use it to transfer money to other LandBank accounts or even those not under Landbank, such as BDO, Metrobank and Security Bank.
Video
Opening a bank account with Landbank PISO is simple and convenient. You can do it all online in just a few steps. First, visit the Landbank PISO website and click on the “Open an Account” button. Next, fill out the online form with your personal and contact information. Once you’ve completed the form, review it carefully and then submit it. After your form has been processed, you will receive an email with instructions on how to activate your account. Once your account is activated, you can start using it right away. It’s that easy!
Frequently Asked Questions
1. How do I open a PISO account?
You need to visit any Landbank branch and fill out an application form for opening an investment PISO account (ISA). Once approved, you will be able to deposit money or withdraw it anytime without any penalty charges or fees applied by Landbank.
2. Can I open more than one (1) PISO account?
Yes. You can open up to 5 PISO accounts as long as you are a Filipino citizen, at least 18 years old, and not a Landbank employee.
3. What are the required documents for opening a LandBank PISO account?
LandBank’s low-cost, accessible accounts require customers to produce only a valid ID and/or barangay certificate for verification. You can deposit as little as one peso into your account and the maximum balance is 50,000.
4. What are the minimum initial deposit and maintaining balance requirements of the PISO account?
The minimum initial deposit is 1 peso, and the maximum balance is 50,000.
5. Does LANDBANK charge fees for opening and maintaining a PISO account? Is there also an annual fee?
There are no charges for opening a PISO account.
There is no annual fee for maintaining your account.
The LANDBANK PISO Savings Account allows you to earn interest on the balance on your account. Interest is calculated daily and credited quarterly.
6. Does LANDBANK charge fees for fund transfers within the account holder’s own accounts or to third-party accounts at LANDBANK?
No. There are no fees associated with transfers between your Landbank Piso Savings Account, your Landbank Piso Investment Account and other bank accounts that you have with LandBank.
7. Can I transfer funds to other banks which have an existing relationship with LANDBANK?
Yes, you can transfer funds to other banks which have an existing relationship with LANDBANK through online banking or by visiting any LANDBANK branch nationwide.
8. Can I transfer funds to other banks, which are not clients of LANDBANK, but have an existing relationship with such bank? How much is the fee for this type of transaction? How do I do it?
Yes, you can transfer funds to other banks, which are not clients of LANDBANK, but have an existing relationship with such bank. The transaction fee is P50.00 per transfer.
Summary
The LandBank of the Philippines has launched a new program that aims to provide financial services to unbanked and underserved Filipinos. Dubbed as the Perang Inimpok Savings option, the bank’s program aims to bring more people into the formal banking system. The program is also part of the bank’s efforts to achieve its goal of bringing 10 million more Filipinos into formal banking by 2022. The LandBank said that it has already reached around 8 million Filipinos, with the help of their partners and agents across the country.
This is a welcome development for all Filipinos who are looking to increase their savings. LandBank said that Perang Inimpok Savings account will provide a competitive interest rate of 2% per annum for the first year, which is higher than other financial institutions in the country could offer.
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